National Bank, Banque Misr offer 3-years 19 and 22% saving certificates
The National Bank of Egypt (NBE) and Banque Misr launched two new certificates of deposit (CDs) with fixed yields of 19% and a decreasing yield of 22%.
In a joint statement, the two banks announced that they are offering a saving certificate with annual yield of 19% over three years.
Meanwhile, the other CD has a decreasing yield of 22%, disbursing a yield of 22% over the first year, 18% over the second year, and 16% over the third year.
It is worth mentioning that the introduction of these CDs comes after the Central Bank of Egypt increased interest rates last Thursday by 200 basis points to face inflation.
This action aims to absorb the liquidity from the local market as an effort to curb soaring inflation. Egypt’s core inflation has surpassed 40%, while the headline inflation has hit over 31%, the highest in almost five years, according to the latest readings.
